Commuting Costs Important to Home Buyers
Even with plunging gas prices, the cost of commuting to and from the office can be pricey (as well as stressful!). But how much does that commute play into the homebuying process? According to research from the National Association of REALTORS®, commuting costs definitely come into play in searching for and purchasing that dream home; in fact, 30 percent of homebuyers purchased homes last year to cut down on commuting costs—a factor they cited as “very important.” Additionally, 64 percent of buyers bought their home in part because it was convenient to their job; this was so important that 23 percent of those buyers said they compromised on the price of their home to be physically closer to work, making more time for the other important things in their life, such as spending time with friends and family.
Take a look at NAR’s 2015 Profile of Home Buyers and Sellers. Read more about this topic on NAR’s Economists’ Outlook blog. Talk to REALTORS® in your area to find out if commuting is a factor for their homebuying clients. Talk to professionals in your community to see if they considered their commute in their home purchase.